Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has agreed to acquire two newbuilding chemical tankers and has also exercised the options to acquire two MR2 product tankers for an aggregate purchase price of $130.2 million.
Two Chemical Tankers
Navios Acquisition has agreed to acquire two newbuilding chemical/product tankers for approximately $33.6 million each. The vessels are 45,000 dwt each, with estimated deliveries in the third quarter of 2013. Upon delivery, these vessels will be named the Nave Universe and the Nave Constellation.
Each vessel has been chartered out to a quality counterparty for two years at a rate of $14,869 net per day, plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional year at a rate of $16,088 net per day, plus 50% profit sharing.
Each vessel is expected to generate approximately $3 million of annual base EBITDA ($6 million of aggregate base EBITDA for the charter period) assuming operating expense approximating current operating costs and 360 revenue days per year.
Two MR2 Product Tankers
Navios Acquisition announced that it has exercised the options to acquire two MR2 product tankers for approximately $31.5 million each. The vessels are newbuilding MR2 Eco Type product tankers of 51,200 dwt each, with estimated deliveries within the first half of 2015.
Navios Acquisition is expected to finance both of these acquisitions with cash on its balance sheet and 60% bank debt on terms consistent with its existing credit facilities.
Navios Acquisition currently owns 40 vessels: 29 product tankers, four chemical tankers and seven crude tankers.
Navios Acquisition has contracted 89.1% and 53.5% of its available days on a charter-out basis for 2013 and 2014, respectively.
The average charter-out period of Navios Acquisition's fleet is 2.5 years.